France’s Ardian SAS and US-based Arga Investment Management LP are setting up offices in Hong Kong, signalling renewed interest in the city following efforts to reinforce its financial hub status. Ardian, which manages USD177bn in assets, will add Hong Kong as its fifth Asia base and plans to hire up to nine staff. The firm aims to serve rising demand from Chinese family offices and get closer to sovereign wealth funds and insurers. Meanwhile, Arga, which oversees USD19bn, also plans a Hong Kong office to complement operations in the US, UK, and India. Despite improving sentiment, some investors remain cautious on China, with Ontario Teachers’ Pension Plan winding down its Hong Kong presence.